Nigerian Corporate Account
If you want to open a Nigerian corporate account, you will need the following documents:
- Certificate of Incorporation
- Tax Identification Number (TIN)
- SCUML Certificate or Letter of Exemption
- Valid IDs of Directors (photocopies)
- Passport photo of each account signatory
- Board Resolution
We opened our corporate account with Guaranty Trust Bank (GTB). We chose GTB because it’s generally seen as the most reliable, tech savvy bank. So far they’ve not disappointed.
You must fill out the corporate account form and must also present the documents listed above. Next, you will make a payment of 5000 naira. This payment is to verify that your certificate of incorporation is valid. I thought 5000 naira was too high to perform a simple company verification. Keep in mind that a name availability search at the CAC only costs 500 naira, so I’m not sure what they’re doing with the remaining 4,500 naira. Only Goddess knows.
What’s so special about a Nigerian Corporate Account?
Opening an operating a Nigerian corporate account allows your business to accept naira payments online. This is great if you have a Nigerian e-commerce business. Some of you may be thinking, “I don’t need this. PayPal is now in Nigeria.” That’s not entirely true. PayPal doesn’t full trust the Nigerian market, so they are being very cautious at the moment. PayPal only permits Nigerian account holders to make payments on PayPal. PayPal does not allow a Nigerian business to accept payments.
Be sure to check out our other Company Registration Posts
Corporate Affairs Commission (Part 1)
Corporate Affairs Commission (Part 2)
Filling out CAC Forms the right way!
Opening a Corporate Account in Nigeria
Writing a Board Resolution (opening a corporate account)
Selecting Your Company Secretary
Got questions? Please ask in the comments section.
Originally published at www.legalforms.ng on April 27, 2016.
